ETH/USD continued its downtrend on Monday and has hit a low of 248 levels so far in the day. It is currently trading at 260 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 310.18

Kijun-Sen: 311

On the topside, immediate resistance is seen at 273 (4h 200-SMA) and a break above would see the pair testing 297(5-DMA)/321 (10-DMA)/371 (June 18 high).

On the downside, a close below 262 (50% retracement of 107.06 and 417) would see the pair testing225/ 180 (90-EMA). Further weakness would drag it to 136 (100-DMA).

Momentum studies: Overall bias appears extremely bearish with RSI weak at 42, MACD line below the signal line, and stochs rolling over to the oversold zone. Bias is weak on the intraday charts as well.

Call Update: Our previous call has hit the targets.

Recommendation: Bias lower, stay short. Lower trailing stop to 283. TP: 225/200.

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